It's A Big Day For Economic Data

• At 8:30 AM ET, the initial weekly unemployment claims report will be released. The consensus is for claims to decline to 327 thousand from 330 thousand.• Also at 8:30 AM, the Consumer Price Index for December. The consensus is for a 0.3% increase in CPI in December and for core CPI to increase 0.1%.• At 10:00 AM, the Philly Fed manufacturing survey for January. The consensus is for a reading of 8.7, up from 7.0 last month (above zero indicates expansion).• Also at 10:00 AM, the January NAHB homebuilder survey. The consensus is for a reading of 57.5, down from 58.0 in December. Any number above 50 indicates that more builders view sales conditions as good than poor.

The CPI number will be interesting, especially since one of the big concerns is whether inflation will finally start to put a little bit of pressure on the Fed.

The Philly Fed index will be interesting to watch to see if it matches yesterday's strong Empire Fed report. And of course homebuilder sentiment and weekly initial claims are always good to watch.